Lawyers for the company and the unsecured creditors committee said in a court hearing on May 7 that they had reached an agreement to amend some of the loan terms, allowing the debtor-in-possession
funding to be approved.
Concurrently with its chapter 11 filing, TerreStar Networks has entered into an agreement with EchoStar Corporation, its largest secured creditor, to provide the Company with a $75 million debtor-in-possession
To help support its business during the Chapter 11 proceedings, SMART Papers has obtained debtor-in-possession
(DIP) financing from Wachovia Capital Finance, Ft.
financing will reportedly save the airline USD30m annually.
The company already received from its lenders a commitment of up to $15 million in debtor-in-possession
financing, which, when combined with revenue from operations, is expected to support the company through the Chapter 11 process.
According to the commitment letter, eligible inventory will be based on "standards at least as favorable" as Kmart's current debtor-in-possession
will provide the companies with $5 million in debtor-in-possession
The company said it plans to continue operating as debtor-in-possession
during its reorganization.
has agreed with its lenders to amend (the "Amendment") the company's debtor-in-possession
financing (the "DIP Financing") to extend the maturity until Sept.
If the company records are in adequate order, the bankruptcy trustee or debtor-in-possession
can make this filing without omitting any creditors; these creditors are then notified that the company has filed bankruptcy.
UAL Corp, the parent company of US airline United Airlines, has received approval to amend and extend its debtor-in-possession
financing to 30 September 2005.
The net cash proceeds of the sale will be used to reduce outstanding borrowings under Acme's debtor-in-possession